Ann: $13.0 million Institutional Placement, page-234

Solid institutional interest here given the stage it is at. Painful raise of course but these make for some of the best buying opportunities. Strong financial backing ahead of its December release of six-month Phase IIb clinical data for avicursen in Duchenne muscular dystrophy. This placement was well-supported, bringing new institutional investors on board and demonstrating confidence in Percheron’s lead asset and its potential. With funds allocated to complete the Phase IIb trial, optimise manufacturing, enhance R&D patent protection, and support general working capital, the company is positioned to execute its strategy effectively. The upcoming Share Purchase Plan (SPP), capped at $2 million, offers existing shareholders a chance to participate as well, reinforcing a broad base of support. The discount to the 30-day VWAP might have led to short-term pressure on the share price, but it provides a more compelling entry point given the significant catalysts on the horizon. The anticipated Phase IIb data release could be transformative, and the successful capital raise de-risks Percheron's path forward. The current price doesn’t seem to reflect the potential impact of a positive readout in December, suggesting substantial upside from here.